Annuities attractive to younger generation, survey

Annuity sales dropped since pension freedom

Carmen Reichman
clock • 2 min read

Annuities are a popular retirement option among millennials despite legislative changes, which caused older people to turn away from the products, according to a recent survey.

Research by Legg Mason Global Asset Management found most UK millennials intend to include annuities in their retirement strategies while older savers plan to eschew them. The survey asked about 300 UK investors with at least $200,000 investable assets in December and January. It found 84% of UK millennials said they were 'highly likely' to consider using an annuity as part of their retirement despite being under no obligation to do so. In contrast, 72% of investors aged 40 or over said they did not intend to buy one. Government reforms coming into effect last April gave direct ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension Lab processes more than one million digital LoAs

Pension Lab processes more than one million digital LoAs

Challenge around ‘standards for consistency’

Sophia Panayi
clock 06 November 2026 • 1 min read
DWP, TPR and FCA launch consultation on guided retirement to help 'resurrect' pensions

DWP, TPR and FCA launch consultation on guided retirement to help 'resurrect' pensions

Consultation covers how default pensions should work in practice

Holly Roach
clock 03 November 2026 • 6 min read
Do clients already own the best retirement portfolio?

Do clients already own the best retirement portfolio?

'Feeling safer and being safer aren't the same thing'

Alex Funk
clock 29 October 2026 • 4 min read